Can Analyst Tracking Suppress Corporate Leverage Manipulation
Leveraged manipulation may hinder the sustainable development of enterprises.The article takes corporate leverage manipulation as the research perspective and uses a mixed least squares model to explore the impact of analyst tracking on corporate leverage manipulation through data analysis of A-share listed companies from 2013 to 2022.Research has found that analyst tracking has a significant inhibitory effect on corporate leverage manipulation,and the conclusion remains valid after a series of robustness tests;The transmission mechanism indicates that analyst tracking suppresses corporate leverage manipulation by suppressing agency costs,alleviating financing constraints,and improving internal control levels;Heterogeneity analysis shows that under the background of analyst tracking,it plays a more significant role in samples with low information transparency and low investor protection index.The research findings enrich the relevant research on analyst tracking effects,and also provide new ideas for suppressing corporate leverage manipulation.
analyst trackingleveraged operationagency costsfinancing constraintsinternal control levels
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